Todd F Kozel, Executive Chairman and CEO of Gulf Keystone, commented:
"We have enjoyed another outstanding year in 2011 as we continue to develop our world class asset portfolio. Our ongoing operational success has allowed us to make significant progress in further proving up the value of our business. In particular we were delighted to report the two major independently audited upgrades of the gross oil-in-place volumes for Shaikan, which now has a mean value of 10.5 billion barrels. We have also enjoyed significant operational success at our Sheikh Adi block having completed the first exploration well and identified a location for the second, which spudded on 23 May 2012.
Furthermore, we believe the existing numbers for the Shaikan discovery remain conservative and look forward to completing the appraisal programme and targeting Shaikan's untapped resources. As 2012 looks set to be another fantastic year for the Company, we look forward to reporting further operational success as we achieve our goal of developing our world class acreage, thereby creating further value for our shareholders."
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